Shocking but true: MTV is investing in subversive style iconoclast Lauren Conrad's clothing line. What, Emily Weiss didn't tell her about "private equity"? We think this is a first for media behemoth Viacom and the apparel industry and we can only hope Toastie and Scott Baio's BFF are next, and that whoever owns Fuse will back Heidi and Spencer's line of American flag wear, and that no one in the country ever buys any of this shit. [Portfolio]

Quote of the day:"I actually think our customer prefers it if she has to work a little for it. She knows she's not going to smell like everyone else," Jennifer Balbier, senior vice president of global product development, MAC Cosmetics, regarding limited edition fragrances. [WWD, sub req'd]

Yogi/mogul (yogul?) Russell Simmons steps down as CEO of Phat Fashions so crazy Kimora can "get space" in which to self-destruct. [WWD, sub req'd]

Derek Jeter's second fragrance comes out in December. It's called Driven Black. We think this sounds a little racist, but we're confused by that, because it would be a different story if it were called "Paint it Black" or "Smelling like a baseball player's cup is the new black" ... pondering. [WWD, sub req'd]

Mazel tov to the Gap! The second fiscal quarter brought about their first financial gain since like, the Friendster era or something. [WWD, sub req'd]

Kate Moss to open a gastropub in Gloucestershire, and the locals are less than exuberant. We think we know the cure! And um you won't find it at a "gastropub." [Vogue UK, 2nd item]

Custom-designed diamond-encrusted lederhosen. When else were you gonna get those five words together like that? [CBS News]

V magazine has scheduled its party for photographer Mario Testino's new book at the exact same time as the after-party for the Marc Jacobs Spring/Summer 2008 after party. OMG it's like the Jerusalem of time slots! [Fashion Week Daily]

Australian designers Sass & Bide are now doing a lingerie line. Unlike our role model starlets, we love underwear and hope you do too; photos here. [Sassybella]